Imagination at work

J. R. Immelt

May 18, 2016

Digital Industrial Company

Caution Concerning Forward-Looking Statements: This document contains "forward-looking statements" – that is, statements related to future events that by their nature address matters that are, to different degrees, uncertain. For details on the uncertainties that may cause our actual future results to bematerially different than those expressed in our forward-looking statements, see http://www.ge.com/investor-relations/disclaimer-caution-concerning-forward-looking-statements as well as our annual reports on Form 10-K and quarterly reports on Form 10-Q. We do not undertake to update our forward-looking statements. This document also includes certain forward-looking projected financial information that is based on current estimates and forecasts. Actual results could differ materially.

Non-GAAP Financial Measures:In this document, we sometimes use information derived from consolidated financial data but not presented in our financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP). Certain of these data are considered “non-GAAP financial measures” under the U.S. Securities and Exchange Commission rules. These non-GAAP financial measures supplement our GAAP disclosures and should not be considered an alternative to the GAAP measure. The reasons we use these non-GAAP financial measures and the reconciliations to their most directly comparable GAAP financial measures are posted to the investor relations section of our website at www.ge.com.

General Electric Capital Corporation (GECC) has been merged into GE and our financial services business is now operated by GE Capital Global Holdings LLC (GECGH). In this document, we refer to GECC and GECGH as “GE Capital”. We refer to the industrial businesses of the Company including GE Capital on an equity basis as “GE”. “GE (ex-GE Capital)” and /or “Industrial” refer to GE excluding GE Capital. Our financial services segment previously referred to as GE Capital is now referred to as Capital. GE’s Investor Relations website at www.ge.com/investor and our corporate blog at www.gereports.com, as well as GE’s Facebook page and Twitter accounts, contain a significant amount of information about GE, including financial and other information for investors. GE encourages investors to visit these websites from time to time, as information is updated and new information is posted.

2

Environment

Economic volatility

+ U.S. is ok … Europe slowly improving

+ China feels better … pipeline is strong

+/- Growth regions are mixed; big projects need financing

- Resource markets remain tough

+/- Low interest rates … no inflation

Business model strength

Diversity … portfolio & market

Productivity for GE & customer … Digital Industrial leadership

GE Store delivering … $316B backlog; productivity momentum

Industrial financing … capex opex

~$30B cash unallocated … ~20% reduction in shares & competitive yield

Consistent delivery despite volatility

3

Macro dynamicsOil & Gas dynamics

Year on track despite volatility in Oil & Gas

• Business focused on what it can control

Restructuring + cost actions

Better quality and service

Building bench

• Better positioned coming out of cycle

• Impact on Transportation & Power Conversion

Revenue Op Profit

~(15)-(20)%

~(30)%

Other business dynamics

+ Aviation … services strength on ~$119B backlog; engineering + supply chain execution

+ Power … HA gas turbine volume + services/upgrades strength; Alstom integration + synergies

+ Healthcare … margin expansion through investment in product cost out + SG&A execution

+ Renewables … onshore wind volume, product cost out; Alstom integration + synergies

(2016 outlook)

4

2016 Industrial

Power Stable

Renewable Energy Improving

Oil & Gas Challenging

Energy Connections Mixed

Aviation Strong

Healthcare Improving

Transportation Challenging

Appliances & Lighting Mixed

Corporate

Industrial

Outlook

Market Revenue OP

++

++

- -

++

+

+

-

- -

+/++

++

++

- -

++

+/++

+/++

-

- -

+

+

+ Power strengthening … Renewables

strong

+ Services accelerating with digital

+ Healthcare improving … U.S. strong

+ Aviation backlog is robust

+ Opportunity for global growth

- Oil markets uncertain

Looking forward: 2H orders + backlog

Diversity helps … positioned for 2017 & beyond

+/++

+

- -

++

+/++

+/++

-

-

+

+

OP(ex. BD)

5

2016 operating framework

Operating EPS-a) $1.45-1.55

Free cash flow $28-31B+ dispositions

Cash returned ~$26Bto investors

1

2

3

• Organic growth of 2-4%• Core margin expansion • O&G ~30% offset by Aviation, Healthcare,

Renewables, Power• Corporate @ $2.0-2.2B• Alstom ~$.05; Appliances gain ~$.20-c)

• Restructuring = gains• Total FX impact ~$(.02) at today’s rates

• CFOA of $30-32B-b); ~$18B Capital dividend-c)

• Dispositions of $2-3B-b)

• Net P&E of ~$4B

• Dividend of ~$8B• Buyback of ~$18B

(a- Industrial + Verticals

(b- Deal taxes are excluded from CFOA and included in dispositions

(c- Subject to regulatory approval

$3-4B-b)$29-32B

6

2015 Buybackimpact

Alstom Industrialgrowth

2018FOutlook

GE Operating EPS-a)

$1.25-1.35

$2.00+~5%

~$.35

Portfolio execution

Capital Alstom

~$.15-.20

~8.3B shares

Yr. 5 cost synergies ~$3B

Organic growth

Margins/returns

Free cash flow

Corporate cost

(a- Industrial + Verticals

GE performance

What is important

1

2

3

4

Sustain Industrial op

profit growth

Executing Digital IndustrialCash generation & capital

allocation

~$.32

Partial Synchrony benefit in 2015

$1.31

+ Leverage opportunity

7

Portfolio: GE Capital exit1

$171B

~$35B

Executed

Executed

$36B debt exchange

Synchrony split

Corporate reorganization

Returned $32B in dividends/split

Exited U.S. depository banks

Applied for SIFI de-designation

To Go

• Close remaining sales

• Exit businesses requiring regulatory

supervision

• Return capital … $23B to go

Signings

+$65BSynchrony

To Go

$12B

~$23B

Executed

Dividends

To Go

$20B+Synchrony

2015 Synchrony split proceeds

$4B+ dividend

2016 $18B target

$7.5B paid to date

’17/’18 ~$13B … majority in ’17

Closings $156B executed

~$50B to go

P/TBV 1.3X to date

1.1X total (in line)

+ Aviation Services … #1 aircraft lessor

+ Energy Financial … customer solutions, GE pull through

+ Industrial Finance … financing solutions for GE customers

~$80B

~$1.6B

ENI ’16E NI

Verticals

8

Power: Services

Renewables

Revenue

~$10B

GE + Alstom: more competitive businessPower: Equipment

Revenue

~$19B

Revenue

~$5B

Revenue

~$9B

Grid

Installed base up 60%

New technology upgrade offerings

Expanding other OEM capability

Local presence – stronger global footprint

Alstom margin accretion opportunity

Digital ecosystem

Turnkey/total plant design capabilities

GE2GE: HRSGs, boilers, other BOP/extended scope

Improved overall performance levels … +0.5 pts. efficiency

Potential for steam growth

Best technology portfolio in the industry

Strong Hydro capabilities

Offshore wind growth platform

Expanded onshore global wind footprint

More efficient supply chain

Alstom high tech grid solutions

Comprehensive HV/MV/LV portfolio

EBOP – connected solutions … Predix platform opportunity

Pull through opportunities

+

Strategic value

(2016E revenue)

9

Synergies in action

D11 Enhanced Steam Path GE installed base

GT/HRSG Upgrade Expand scope

Analytics: Lifing, M&D Expand scope

Other OEM capability

+2% efficiency

Cost

+$200K/unit

$60MM

productivity

Cycle time

Operational strength in services

$2.6B

’15

~$5B

’18F

Insourcing benefits

$500MM margin opportunity

through insourcing

Services momentum

HRSG/Boiler

Generators

Steam Turbines

+ Plant efficiency/output+ Doosan acquisition

+ Superior Alstom technology

+ Superior Alstom technology

30+/year

15+/year

40+/year

More competitive company

(GE2GE revenue)

10

Driving Alstom growth & execution

+ Services integration very strong

Able to manage projects

+ Big supply chain opportunity

SG&A overlap is clear

Integrating new products … offshore wind, grid, hydro

No surprise in Europe restructuring

+ Solid opportunity for growth synergies … not in base case

~$.05

$.15-.20

EPS outlook

$-

2015 2016E 2018F

2016 metrics/dynamics

Gaining traction commercially

~$1.1B cost synergies on track

Expect CFOA breakeven/slightly positive

2017: ~$1.9B synergy benefits offset by ~$(0.8)B synergy costs

Riskreduction

Execution

Upside

Delivering for investors

Strong strategic & financial benefits

$.08-.10

2017F

11

Investing & monetizing the Digital IndustrialDigital revenue

$6B+

$5B

2016 Predix goals

2016E2015

Digital cost productivity

$0.5B$0.4B

2016E2015

>30%

Predix GA launch in February … >8K

developers

15+ partners signed since 1/1

APM limited availability launch in March

AUM

# GE apps

Developers

Partners

200K+

100+

~20K

~50

+ +>30%

1Q sales $1B, +16%

1Q orders $1.2B, +29% … 1st

smart intermodal order on Predix

’16 orders estimate $7B+

1Q productivity ~$90MM

Enable $500MM+ in cost

productivity

Connect 75 factories in ’16

Leading indicators are positive …

2

Investor view

Increase productivity and margins

Increase services growth rate

Improve customer value … products & services

In the flow of platform “value creation”

1

4

2

3

12

Investing in building blocks

Enterprise Software Digital Thread

Platform: Predix launched

Predix

• Analytical strength

• Easy to scale & develop apps

Edge devices

• Collect, store, & analyze data

• Full compute power at the edge

Differentiator: Digital Twin

• Continuously increase insights

• Materials & analytics

APM

• Machine & equipment health

• Reliability management

• Driving yield, cycle, less downtime

• Making GE the best example of II at work

Commercial

Cybersecurity

• Protect physical industrial assets

• Validate products to security standards

• Delivering customer outcomes

• Managing, planning, & optimizing terminal ops

• Direct sales in existing verticals + new markets

• Global partners

Predix

Non-GE industriesCompetitive products

Opens upproductivity pipeline

Inspectionas a service

Incrementalrevenue

Key to coreservices growth

New markets &business model

Accelerate marginenhancement

New team &capability in place

Very different capability set than consumer internetGE playing to win … investing in capability

13

Digital driving growth

Key products

Power AGPs, Op Flex, APM, Digital plant>30%

Oil & Gas LNG Max Suite, System 1~40%

Renewables PowerUP, Digital plant>40%

Aviation Flight Efficiency Services>30%

Energy Conn. Grid Solutions & Automation>100%

Transportation Train Performance, Smart Intermodal>30%

Healthcare APM, HealthCloud<10%

Current Energy Mgmt., Intelligent EnterprisesF

All businesses contributing to growth …

Partners

One partner program across all verticals; 15+

partners signed since launch in 1Q’16

800+ developers trained on using Predix; 200+

partner executives trained on Predix and APM

’16E orders

Predix

Predix platform launched Feb ’16 with >8k

developers provisioned to date … key

enabler of application growth

Expanding catalog enabling more

advanced development

Customers in 5 non-GE industries … service

providers in 6 countries

Expanding services growth rate

Business

Predix Building pipelineF

Predix

14

Enterprise data + machine data driving ~$250MM in productivity Internal reference site … services tools key for Predix customers

Digital thread for services

PREDIXPlatform

Apps

Tools

APMAnalytics-

based Lifing

Resource

Planning

Contract

Management

Field Vision Single tool to access all customer related information

Applications

optimizing service event activities

Elimination of low value manual work

Leverages PredixDigital Twin

Across GE

Repair &

Scoping

15

Industrial segment profit growth

(Industrial segments AAGR)

Increase services growth rate

Strong performance in Aviation & Power through launch of LEAP and H turbine

Grow Industrial margins

Target organic growth > peers

Looking forward

1

2

3

Profit growth (ex. Alstom)

~5%

Tailwind Steady state Headwind

2011-2015:

2016:

Aviation, Oil & Gas, Transportation

Aviation, Healthcare, Renewables

Power

Power, Energy Connections

Healthcare, Renewables, Energy Conn.

Oil & Gas, Transportation

Profit growth

6%

2011-2015 results

Organic revenue

Margins (’11-’15 V pts.)

Services profit

Equipment profit

+5%

+2.2 pts.

+7%

+6%

3

4

Market dynamics:

16

'15 '16E

Services revenue

Backlog $226 +

++ Growing installed base and $/installed base

Going after every asset … mature & competition

Digital opens new value

Big pipeline of upgrades

($ in billions)

Accelerate Services growth

Key initiatives

• $15B revenue by 2020• Accretive margins

$48

Digital Mature fleet More upgrades Productivity

• Analytics driving new value• Recapture installed base

• 9F & 9E AGP, FTF, DLN• Alstom steam, DII, MLX2

• Analytics-based lifing• Analytics-based workscope

Services profit

++7%

Services expanding

Margins 32% +

2015 2016E

500+

275

AGPs

Other

(Power Services # upgrades)

~125104 135-150

'11-'15 Goal(ex. Alstom)

17

Big product launches: H gas turbineH-class segment

++

~31%

~24%

~10%

2013 2014 2015 2020F

Positive impact in 2017

+ $300MM launch cost behind us … positive margins in profit

+ 10th H turbine = 1,000th F turbine $/kw

(% of HDGT >35 MW)

GE H penetration -% 29% 36% ++

• ~24 shipments in 2016 … ~12th unit profitable

• 35 units in backlog + 16 steam turbines, 39 generators, 17 HRSGs

• More content/projects … ~60%

Differentiated technology

Flawless validation: zero fault testing (7HA.02)

Record output: 432MW simple cycle & 603MW plant

Integrated solutions … GE/Alstom power island

World-class execution

Fulfillment on-track: 4 shipments with 20+ to go

Generational leadership

+ $100B+ revenue over time+ Strong market position+ Big IB value & upgrades

18

Big product launches: LEAP engine Unit delivery & cost curve Aviation margins

LEAP launch costs (100-200) bps.- Driving down cost curve to offset initial

pricing

Lower R&D + 50-100 pts.- Post-LEAP/Passport R&D reductions

Services/Digital + 50-150 pts.- Delivering insights with predictive

analytics

’16F ’17F ’18F ’19F

~100

~500

~1,150

~1,900’16E

’17F

’18F

’19F

’15

• >10K engines on order

• MAX/C919 sole source + neo >50%

• 7 new factories

• LEAP on time and meeting fuel

performance commitments

• Zero flight stoppages

• A320 new CFM firsts- Hot operation test

- Transatlantic flight

- A321 1st flight

- High altitude

- Cold weather

- Flight to China

LEAP is a trademark of CFM International, a 50-50 JV between Snecma and GE

Generational leadership+ ~13K NB aircraft installed base by 2020+ Broad positioning with right customers+ Launch new technology GE benefit

Positive impact in 2017+ Aviation earnings growth with launch + Leverage GEnx learnings+ Team incented to deliver

+

=

=/+

=/+

22.3%

Launch update

LEAP-1A LEAP-1C

LEAP-1B

(Cost/engine)

19

Grow margins

(a- Excluding non-operating pension, restructuring and other & gains

Lower product cost- Product management focus

1

Re-capture supply chain value- Material deflation, drive GE2GE

2

Advanced Manufacturing- Brilliant factory, digital thread

3

Leaner structure- SG&A rationalization, smaller HQ

4

2016E2015

14.8% 14-14.5%

Industrial margins(Segments + Corporate-a)

Margin initiatives

2016 dynamics

New product mix … LEAP + HA turbine launch

Price pressure … Oil & Gas, Healthcare

Material deflation … commodities , strong $

Manufacturing cost productivity

−

+

+

−

Ex. Alstom 15.3% +~50 bps.

2018F

16%+

20

Should cost analysis

Digital thread

Design for cost

2015 Goal

~5%+

Product cost

Margins in action

Advanced manufacturing

Product management lab

Sourcing COE

FastWorks

GE Store

Additive Center

Equipment margins

+ Should cost … system optimization

+ Global footprint

Transportation

+ Product catalog

+ Supplier consolidation

Oil & Gas

+ Product catalog

+ Reducing part count

Healthcare

Leaner structure

SG&A Corporate-a)

2015 Goal

13.9% ~12%

2015 Goal

$2.1B ‒

+ $2.7B of structural SG&A cost out since 2011

+ Active restructuring … $3B+ in 2016 … 240 projects at ~1.5 year payback

+ Leaner HQ … optimize governance

+ Digital thread … benefits of simplification … layers, FastWorks

+ 6 functions, 10,000

employees

+ Leveraging scale … 5

centers globally

GE Store

Global Operations

~65%

(% of sales ex. Alstom)

(a- Excluding non-operating pension, restructuring and other & gains

21

Invest in growth

Organic revenue growth (%)

5%

2-4%

~5%

+ Funded R&D at high level

+ Strong global footprint

+ Organic launches & gap fillers

+ Leadership digital investments

’11-’15 2016E Long-term

goal

GE Store investments

Revenue drivers in uncertain economy

+ Increase service growth

+ Execute on backlog … H/LEAP gaining share

+ Lead in Renewables PTC build out … strong ’16-’18 profile + global share

+ Restore Healthcare growth … product cost out, improved China & U.S.

+ Alstom products at GE growth rate … GE2GE

+ Gain share in Oil & Gas … building strong operating leverage

+ Current … LED/efficiency platform

+ Industrial Finance to provide customer solutions

+ Launch new platforms … turbo prop, silicone

carbide, cell therapy

+ Fill product gaps … Oil & Gas, Healthcare

+ Break out lab ... “$1MM loco” internationally

GE Store execution

(Industrial segments)

22

Winning around the world($ in billions)

International orders

% total 60% 64%

$49$67

++

+

+7% ‘10-’15 CAGR

Using the portfolio to meet local needs …

renewables & accessible power, efficient

transportation, & improved infrastructure

More global with Alstom

2010 2015 2016E

Supplying mobile power for Indonesia

• Generating 500MW of fast power

• Powering 4 million Indonesian homes

Digital partnership with China Eastern

• Using big data to drive efficiency, improved

fleet management, & cost savings

Modernizing India’s railway

• Supplying 1,000 locos & services

• Building local manufacturing & service facilities

Powering Asia with renewable energy

• Supplying China’s fourth-largest hydro plant

• Enabling wind power generation in Laos

Gain share in Europe

• Leverage Alstom position for long-term GE growth

Egypt 2 GW … 9F combined cycle + BoP $650M

EFS ... $50MM debt converted to equity

ECA financing integration

Global financing

150+ resources

15 countries

23

2015 2018F

Industrial FCF conversion-a)

~95%85%

Industrial cash flow

Improve Alstom FCF conversion

+ Significant cash flow benefit from net synergies

+ Limited working capital and P&E investment

+ Ongoing tax benefits

+ Working capital improvements

+ AR 2%/yr … collection efficiency, reduce delinquencies

+ Inventory ¼ turn … reduce cycle time, safety stock, lower product cost

+ AP 2 days to pay … leverage scale

+ Restructuring cash costs significantly

+ Lower net P&E investment … post LEAP & HA turbine launch

Increased focus on cash and returns … FCF targets aligned with LTIP & AEIP

4

Alstom ~90%

~5 pts.

Key areas of focusImprovement

drivers

2-3 pts.

2-3 pts.

(a- Industrial free cash flow ex. deal taxes and pension funding divided by Industrial operating net income

FCF conv. ex gains 91%

24

Capital allocation

~$145BIndustrial CFOA

Capital dividends

Synchrony

Dispositions

$20B+

+

+ Returns > 15%

+ Clear GE Store value

+ Improve competitive position

+ Enhance EPS

Cash sources (‘15-’18F)

Financial + strategic considerations

Backward integration

Fill technical gaps

Bolt-ons

+

Incremental

leverage

Reinvest in organic growth … P&E, R&D, global, digital, pension

Sustain an attractive dividend … yield > peers ($35B)

Return $55B from Capital to investors via buyback

Disciplined capital allocation … buyback vs. M&A

Cash uses

M&A priorities

~$30B capital unallocated with

leverage

25

Incentives are aligned

AEIP (annual)

EPS

Op profit

Margins

FCF

Long-term incentive plan (’16-’18)-a)

Product launch

Digital execution

Global projects

Integration

Strategic/organization/risk

Investment

Quality

Share/customer

New markets

+ One goal uniqueto business

Financials

Four metrics set towards high end of range

5-7 initiatives competitiveness

(a- As described in GE’s 2016 proxy statement

Cumulative EPS

Industrial margins

Industrial ROTC

Cash generated

Cash returned

Aligned to“bridge”

26

(a- Industrial + Verticals

For investors

Consistent + strong EPS growth

Returning capital to investors

Control multiple levers … service, productivity, backlog

Winning for the future … Digital Industrial

In an uncertain& volatile

environment

1

2

3

4

2015 Buybackimpact

Alstom Industrialgrowth

2018FOutlook

GE Operating EPS-a)

$1.25-1.35

$2.00+~5%

~$.35~$.15-.20

~8.3B shares

Yr. 5 cost synergies ~$3B

Organic growth

Margins/returns

Free cash flow

Corporate cost

~$.32

Partial Synchrony benefit in 2015

$1.31

+ Leverage opportunity